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Release Date: July 3, 2008
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For Release at
4:30 P.M. Eastern time
July 3, 2008
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances
of Depository Institutions and Condition Statement of Federal Reserve Banks,"
has been modified to include information related to Maiden Lane LLC, a
limited liability company formed to facilitate the arrangements associated
with JPMorgan Chase & Co.'s acquisition of Bear Stearns Companies, Inc.
On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit
to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve
Act. This limited liability company was formed to acquire certain assets of
Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments
by Maiden Lane LLC from the proceeds of the net portfolio holdings will be
made in the following order: operating expenses of the LLC, principal due to
the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co.,
and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to
the FRBNY.
Consistent with generally accepted accounting principles, the assets and
liabilities of Maiden Lane LLC have been consolidated with the assets and
liabilities of the FRBNY in the preparation of the statements of condition
shown on the release because the FRBNY is the primary beneficiary of Maiden
Lane LLC.
The consequences of this consolidation appear on the release in the following
ways. The extension of credit from the FRBNY to Maiden Lane LLC is eliminated
as is the accrued interest on this loan. The net portfolio holdings of Maiden
Lane LLC appear as an asset on the statement of condition of the FRBNY (table
5), the consolidated statement of condition of all Federal Reserve Banks
(table 4), and factors affecting reserve balances of depository institutions
(table 1). The liabilities of Maiden Lane LLC to entities other than the
FRBNY are included in "other liabilities and capital" in table 1 and in "other
liabilities and accrued dividends" in table 4 and table 5.
Information on the LLC is presented separately in the newly created table 2,
"Information on Principal Accounts of Maiden Lane LLC." This table presents
the fair value of the net portfolio holdings of the LLC along with the book
value of the outstanding principal of the loan extended by the FRBNY, the book
value of accrued interest payable to the FRBNY, and the book value of
outstanding principal and accrued interest on the loan payable to JPMorgan
Chase & Co. Information pertaining to fair values will be updated quarterly.
July 3, 2008
Explanatory Note for H.4.1 release of July 3, 2008
The weekly average value of net portfolio holdings of Maiden Lane LLC reflects
holdings from Thursday June 26, 2008, through Wednesday July 2, 2008. The
holdings for the first six days of this week are based on values as of March
14, 2008. The holdings for the last day were valued as of June 26, 2008.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
July 3, 2008
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Jul 2, 2008 Jun 25, 2008 Jul 4, 2007 Jul 2, 2008
Reserve Bank credit 890,030 + 15,448 + 32,542 871,653
Securities held outright 478,838 + 65 - 311,693 478,866
U.S. Treasury (1) 478,838 + 65 - 311,693 478,866
Bills (2) 21,740 0 - 255,279 21,740
Notes and bonds, nominal (2) 412,392 0 - 62,280 412,392
Notes and bonds, inflation-indexed (2) 39,171 0 + 4,712 39,171
Inflation compensation (3) 5,535 + 65 + 1,154 5,563
Federal agency (2) 0 0 0 0
Repurchase agreements (4) 110,250 - 11,429 + 83,071 113,000
Term auction credit 150,000 0 + 150,000 150,000
Other loans 16,780 - 4,094 + 16,584 12,920
Primary credit 14,861 + 159 + 14,843 12,814
Secondary credit 86 + 86 + 86 0
Seasonal credit 95 + 18 - 83 105
Primary dealer credit facility 1,738 - 4,357 + 1,738 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (5) 29,816 + 29,816 + 29,816 28,893
Float -1,518 - 373 - 555 -18,288
Other Federal Reserve assets 105,864 + 1,462 + 65,319 106,262
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (6) 38,861 + 14 + 340 38,861
Total factors supplying reserve funds 942,132 + 15,462 + 32,882 923,755
Currency in circulation (6) 826,758 + 3,811 + 11,951 832,369
Reverse repurchase agreements (7) 42,177 + 1,803 + 9,983 41,091
Foreign official and international accounts 42,177 + 1,803 + 9,983 41,091
Dealers 0 0 0 0
Treasury cash holdings 278 + 2 - 31 275
Deposits with F.R. Banks, other than reserve balances 12,480 - 31 + 1,104 11,553
U.S. Treasury, general account 5,042 - 28 + 435 4,139
Foreign official 129 + 29 - 11 109
Service-related 7,053 - 2 + 659 7,054
Required clearing balances 7,053 - 2 + 659 7,054
Adjustments to compensate for float 0 0 0 0
Other 256 - 29 + 19 251
Other liabilities and capital (8) 46,473 + 2,020 + 6,967 45,431
Total factors, other than reserve balances,
absorbing reserve funds 928,166 + 7,605 + 29,974 930,717
Reserve balances with Federal Reserve Banks 13,965 + 7,856 + 2,907 -6,962
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Estimated.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to table 2 and the note on consolidation accompanying table 5.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items, July 2, 2008
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Jul 2, 2008 Jun 25, 2008 Jul 4, 2007 Jul 2, 2008
Marketable securities held in custody for foreign
official and international accounts (1) 2,345,653 + 23,278 + 363,485 2,347,266
U.S. Treasury 1,373,770 + 20,336 + 133,108 1,377,312
Federal agency 971,882 + 2,941 + 230,375 969,953
Securities lent to dealers 117,482 + 5,410 + 107,341 113,939
Overnight facility (2) 13,238 + 7,626 + 3,097 9,842
Term facility (3) 104,244 - 2,216 + 104,244 104,097
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value.
2. Fully collateralized by U.S. Treasury securities.
3. Fully collateralized by U.S. Treasury securities, federal agency securities, and highly rated
non-agency asset-backed and mortgage-backed securities.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
2. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Jul 2, 2008
Net portfolio holdings of Maiden Lane LLC (1) 28,893
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 28,820
Accrued interest payable to the Federal Reserve Bank of New York (2) 12
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,151
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of June 26, 2008.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 5.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 4 and table 5.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
3. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, July 2, 2008
Millions of dollars
U.S. Treasury Reverse
Remaining maturity Term Other securities (2) Repurchase repurchase
auction loans Weekly agreements agreements
credit (1) Holdings changes (3) (3)
Within 15 days 150,000 3,654 3,409 - 2,446 73,000 41,091
16 days to 90 days 0 9,266 41,661 + 2,460 40,000 0
91 days to 1 year --- 0 73,632 - 2,349 --- ---
Over 1 year to 5 years --- --- 173,465 + 2,362 --- ---
Over 5 years to 10 years --- --- 90,136 + 15 --- ---
Over 10 years --- --- 96,563 + 28 --- ---
All 150,000 12,920 478,866 + 70 113,000 41,091
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC that was eliminated when
preparing that Bank's statement of condition consistent with consolidation under generally accepted
accounting principles. The loan to Maiden Lane LLC is designed to be repaid from the orderly
liquidation of Maiden Lane LLC's portfolio holdings and does not have a fixed amortization schedule.
2. Includes the original face value of inflation-indexed securities and compensation that adjusts for the
effect of inflation on the original face value of such securities.
3. Cash value of agreements.
4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Jul 2, 2008 Jun 25, 2008 Jul 4, 2007
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 2,200 0 0
Coin 1,317 - 16 + 393
Securities, repurchase agreements, term auction
credit, and other loans 754,785 - 19,164 - 66,204
Securities held outright 478,866 + 70 - 311,687
U.S. Treasury (1) 478,866 + 70 - 311,687
Bills (2) 21,740 0 - 255,279
Notes and bonds, nominal (2) 412,392 0 - 62,280
Notes and bonds, inflation-indexed (2) 39,171 0 + 4,712
Inflation compensation (3) 5,563 + 69 + 1,160
Federal agency (2) 0 0 0
Repurchase agreements (4) 113,000 - 16,750 + 82,750
Term auction credit 150,000 0 + 150,000
Other loans 12,920 - 2,482 + 12,734
Net portfolio holdings of Maiden Lane LLC (5) 28,893 + 28,893 + 28,893
Items in process of collection (659) 1,234 + 21 - 3,682
Bank premises 2,154 0 + 109
Other assets (6) 104,120 + 1,795 + 65,832
Total assets (659) 905,739 + 11,527 + 25,340
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 795,095 + 7,132 + 13,719
Reverse repurchase agreements (7) 41,091 - 958 + 8,882
Deposits (0) 20,730 + 3,343 - 508
Depository institutions 16,232 + 3,399 - 523
U.S. Treasury, general account 4,139 - 69 + 22
Foreign official 109 + 9 + 13
Other (0) 251 + 5 - 18
Deferred availability cash items (659) 3,393 + 765 - 2,429
Other liabilities and accrued dividends (8,9) 4,549 + 752 - 1,116
Total liabilities (659) 864,857 + 11,033 + 18,546
Capital accounts
Capital paid in 19,876 - 1 + 3,713
Surplus 18,493 + 7 + 3,094
Other capital accounts 2,512 + 488 - 15
Total capital 40,882 + 495 + 6,794
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer
to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed
securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to table 2 and the note on consolidation accompanying table 5.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
7. Cash value of agreements, which are collateralized by U.S. Treasury securities.
8. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of
foreign exchange commitments.
9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New
York, including liabilities that have recourse only to the portfolio holdings of Maiden Lane LLC.
Refer to the note on consolidation accompanying table 5.
5. Statement of Condition of Each Federal Reserve Bank, July 2, 2008
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Assets
Gold certificate account 11,037 424 3,935 453 423 891 1,221 913 344 199 349 636 1,249
Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234
Coin 1,317 38 56 101 113 161 150 163 50 55 93 147 188
Securities, repurchase agreements, term
auction credit, and other loans 754,785 26,327 320,148 26,124 25,332 64,531 65,557 57,274 22,607 11,453 22,082 27,468 85,883
Securities held outright 478,866 20,085 170,377 20,908 18,158 43,423 47,646 42,264 16,548 9,040 17,583 19,864 52,968
U.S. Treasury (1) 478,866 20,085 170,377 20,908 18,158 43,423 47,646 42,264 16,548 9,040 17,583 19,864 52,968
Bills (2) 21,740 912 7,735 949 824 1,971 2,163 1,919 751 410 798 902 2,405
Notes and bonds (3) 457,126 19,174 162,642 19,959 17,334 41,451 45,483 40,346 15,797 8,630 16,785 18,962 50,563
Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Repurchase agreements (4) 113,000 4,740 40,205 4,934 4,285 10,247 11,243 9,973 3,905 2,133 4,149 4,687 12,499
Term auction credit 150,000 1,500 100,265 240 2,810 10,806 6,435 4,100 2,016 18 300 2,900 18,611
Other loans 12,920 2 9,302 42 79 56 232 936 139 262 50 17 1,805
Net portfolio holdings of Maiden Lane
LLC (5) 28,893 0 28,893 0 0 0 0 0 0 0 0 0 0
Items in process of collection 1,892 77 0 229 394 166 118 182 43 152 139 176 216
Bank premises 2,154 119 212 64 150 203 226 208 124 111 276 253 207
Other assets (6) 104,120 5,629 28,463 9,343 6,763 25,338 8,238 5,140 1,372 1,984 1,471 2,348 8,031
Interdistrict settlement account 0 + 4,873 -61,599 + 5,824 + 4,300 - 3,397 +22,094 +14,062 + 4,802 + 3,308 + 6,535 + 4,927 - 5,728
Total assets 906,398 37,601 320,982 42,221 37,580 88,040 97,770 78,153 29,414 17,292 31,011 36,053 90,279
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
5. Fair value. Refer to the note on consolidation below.
6. Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.
Note on consolidation:
On June 26, 2008, the Federal Reserve Bank of New York extended a loan under the authority of section 13(3) of the Federal Reserve Act to Maiden Lane LLC, a limited liability company
formed to acquire certain assets of Bear Stearns. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC. Consistent with generally accepted accounting
principles, the assets and liabilities of Maiden Lane LLC have been consolidated with the assets and liabilities of the Federal Reserve Bank of New York in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from the Federal Reserve Bank of New York to Maiden Lane LLC is
eliminated, the net assets of Maiden Lane LLC appear as an asset in this table (and table 1 and table 4), and the liabilities of Maiden Lane LLC to entities other than the Federal
Reserve Bank of New York, including those with recourse only to the portfolio holdings of Maiden Lane LLC, are included in other liabilities on the next page (and in table 1 and
table 4).
5. Statement of Condition of Each Federal Reserve Bank, July 2, 2008 (continued)
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Liabilities
Federal Reserve notes outstanding 988,324 37,332 346,099 40,779 38,716 80,827 120,084 83,096 30,681 17,861 31,488 55,773 105,589
Less: Notes held by F.R. Banks 193,229 4,567 60,051 6,458 6,931 12,476 31,312 12,759 3,626 2,742 3,240 23,267 25,798
Federal Reserve notes, net 795,095 32,765 286,047 34,320 31,784 68,351 88,773 70,337 27,055 15,118 28,247 32,505 79,791
Reverse repurchase agreements (1) 41,091 1,724 14,620 1,794 1,558 3,726 4,088 3,627 1,420 776 1,509 1,704 4,545
Deposits 20,730 883 7,619 956 555 4,738 1,029 922 330 266 476 731 2,225
Depository institutions 16,232 874 3,216 952 552 4,686 1,026 920 316 265 475 730 2,222
U.S. Treasury, general account 4,139 0 4,139 0 0 0 0 0 0 0 0 0 0
Foreign official 109 2 79 4 3 11 3 2 0 1 0 1 3
Other 251 6 186 0 0 42 0 0 14 0 1 1 0
Deferred availability cash items 4,051 231 0 587 752 309 326 368 75 343 218 298 545
Other liabilities and accrued
dividends (2,3) 4,549 140 2,320 146 158 374 334 271 148 95 121 162 279
Total liabilities 865,516 35,742 310,606 37,803 34,808 77,499 94,550 75,523 29,029 16,597 30,572 35,401 87,386
Capital
Capital paid in 19,876 764 5,065 2,335 1,322 5,178 1,561 1,280 181 322 208 259 1,401
Surplus 18,493 1,050 4,657 1,814 1,291 4,998 1,425 815 180 355 194 364 1,351
Other capital 2,512 45 654 269 158 366 234 534 24 18 37 29 142
Total liabilities and capital 906,398 37,601 320,982 42,221 37,580 88,040 97,770 78,153 29,414 17,292 31,011 36,053 90,279
Note: Components may not sum to totals because of rounding.
1. Cash value of agreements, which are collateralized by U.S. Treasury securities.
2. Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.
3. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of
Maiden Lane LLC. Refer to the note on consolidation on the previous page.
6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Jul 2, 2008
Federal Reserve notes outstanding 988,324
Less: Notes held by F.R. Banks not subject to collateralization 193,229
Federal Reserve notes to be collateralized 795,095
Collateral held against Federal Reserve notes 795,095
Gold certificate account 11,037
Special drawing rights certificate account 2,200
U.S. Treasury and agency securities pledged (1) 551,564
Other assets pledged 230,294
Memo:
Total U.S. Treasury and agency securities (1) 591,866
Less: Face value of securities under reverse repurchase agreements 40,302
U.S. Treasury and agency securities eligible to be pledged 551,564
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for
the effect of inflation on the original face value of inflation-indexed securities, and cash value of
repurchase agreements.
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